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Bank guarantee

Contract between a bank as guarantor and a beneficiary in which the bank commits itself to pay a certain sum under certain, specified conditions. Thus, a demand guarantee is one in which the bank agrees to pay against the simple written demand of the beneficiary.

News On Bank guarantee
Reliance Jio raises $750mn loan to buy gears for 4G rollout

13-05-2015| Source:PTI

The loan is guaranteed by RIL and will be primarily used to finance goods and services procured from Samsung Electronics and Ace Technologies Corp, which are being sourced for the infrastructure

OilMin wants BP to furnish bank guarantee for ATF licence

03-05-2015| Source:PTI

The Oil Ministry wants UK's BP plc to furnish a bank guarantee and an undertaking that it will meet the minimum investment requirement for getting a licence to retail jet fuel (ATF) to airlines

AI extends date to accept the bid through ECB till May 7

29-04-2015| Source:PTI

This ECB would be guaranteed by the Government of India and interest rate is fixed or floating linked to Libor (London inter-bank offered rate), according to the offer for invitation document.

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